CBRE announced Ti Cold Development purchased a 27.2-acre site in El Mirage for an undisclosed amount. According to data collected by the commercial real estate tracking website Vizzda, 21.69 acres of the land closed in June for $4,328,320.50, or $199,553.73 per acre.

READ ALSO: Here are the 10 biggest commercial real estate deals from June

The land is part of the first phase of the future development of Copperwing Logistics Center, a speculative cold storage facility scheduled to be constructed in El Mirage, Ariz.

CBRE’s Jason LevRusty KennedyPat Feeney and Dan Calihan represented the buyer in the transaction. The team will also be responsible for the marketing and leasing of the property, located at NWC Joe R. Ramrez Road and Dysart Road.

“This is an amazing opportunity to establish an innovative and ultramodern speculative cold storage facility with a fantastic level of access to the greater Phoenix area and the western region of the country,” said Lev. “While speculative dry facilities have been prominent in most traditional industrial sites for years, we are seeing a new and ever-increasing demand for speculative cold storage in Arizona.”

He added, “We expect this new site to draw interest from a variety of food manufacturers to increase pallet storage capacity and third-party logistic companies looking to fortify their cold storage supply chain capabilities within the country.”

The future state-of-the-art Copperwing Logistics Center will contain 45,000 pallet positions, 50’ clear height, a 40’ deep refrigerated rear rail dock, 51 trailer stalls, a pre-approved foreign trade zone, rail service provided by BNSF Railway and 320,160-square-feet of fully convertible and expandable contiguous storage space that supports minus 10 to 35-degree temperatures.

The site is located just 21.6 miles northeast of Phoenix and is proximate to several major roadways, including State Route 303, State Route 85, U.S. Route 60, Interstate 10 and Interstate 17. Construction on the facility is scheduled to be completed in early 2022.